Morrisons slashes prices of over 1,000 products

Morrisons has fired the latest salvo in the supermarket price war by announcing it is to reduce the price of over 1,000 products by an average of 18 percent.

The retailer said the move was aimed at addressing customer fears of big price increases in the wake of the European referendum vote.

Morrisons explained it was able to slash prices across 1,045 products because it was British farming's largest supermarket customer, allowing it better control of its prices than competitors who relied more heavily on imported goods, which are generally expected to increase in price post Brexit.

Morrisons and its main rivals - Sainsbury's, Tesco and Asda - have all experienced a fall in sales over recent months.